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Biden to pump trillions into pandemic-hit economy

January 15, 2021 12:25 pm
[Source: The Associated Press]

President-elect Joe Biden unveiled a $1.9 trillion coronavirus plan Thursday to end “a crisis of deep human suffering”.

This is by speeding up vaccines and pumping out financial help to those struggling with the pandemic’s prolonged economic fallout.

Called the “American Rescue Plan,” the legislative proposal would meet Biden’s goal of administering 100 million vaccines by the 100th day of his administration and advance his objective of reopening most schools by the spring. On a parallel track, it delivers another round of aid to stabilize the economy while the public health effort seeks the upper hand on the pandemic.

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Biden proposed $1,400 checks for most Americans, which on top of $600 provided in the most recent COVID-19 bill would bring the total to the $2,000 that Biden has called for.

It would also extend a temporary boost in unemployment benefits and a moratorium on evictions and foreclosures through September.

And it shoehorns in long-term Democratic policy aims such as increasing the minimum wage to $15 an hour, expanding paid leave for workers, and increasing tax credits for families with children.

The last item would make it easier for women to go back to work, which in turn would help the economy recover.

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